Business News of 2014-07-17

GIA, NCA rebuild capacity of insurers

The Ghana Insurers Association (GIA), in collaboration with the Nouvelle Compagnie Africaine de Reassurance (NCA Re), has begun a four-day engineering insurance seminar for stakeholders and players in the industry.

The seminar, according to the President of GIA, Mr Ivan A. Avereyireh, was to build the capacity of people in the industry to enhance professionalism. “Building capacity of the industry is very important. It’s becoming difficult because most of the professionals are fading out, so we need to replace them.

Insurance companies are growing, hence the need for a corresponding capacity building exercise,” he told the Daily Graphic after the opening of the training exercise. He said the seminar was very prudent as it formed part of the vision of the newly-elected officers of the GIA to ensure that the insurance industry got a face-lift to increase the penetration of the industry in the Ghanaian market.

Currently, insurance penetration in Ghana is below two per cent, something he said could be improved with enhanced customer service which could be achieved through continuous capacity building.

The Deputy Commissioner of the National Insurance Commission, Mr Simon Nerro Davor, said the capacity building programme was the second in a series of training programmes on various high value insurance courses.

He also used the occasion to urge reinsurance companies operating in the country to streamline their operations in accordance with the rules and regulations of the land. Mr Avereyireh disclosed that the association was collaborating with the GIA to build a data system for the industry.

“We have not been able to put data together. GIA is supporting the association to build data for the industry and it will be easy for companies in the industry to go into a common pool to get data on insurance in the country,” he explained.

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